- May 22, 2020
- Posted by: dadmin
- Category: General
No matter the size, industry or current state of your business, if you are to survive lockdown and this pandemic, there are two parts of your business you need to manage and measure very closely – Cash Flow & Marketing. Without comprehensive management of these critical areas of your business, you are going to face an upward battle in overcoming these current challenges.
Here are our top tips:
- If you have not already done so, apply for all the relevant payment holidays and benefits available from government and other institutions. The businesses who have access to cash are the ones that are going to survive this pandemic;
- Ensure you have a running, updated cash flow forecast at all times. You need to have a strong handle on what your cash position looks like. We suggest at least two, if not three months forecast at all times;
- Communicate with your outstanding debtors. They are also going through a tough time but constant communication is key to understanding how much and when they can pay you;
- Keep in touch with your creditors and keep them abreast of when and how you can pay them. If cash continues to flow through the cycle, then the economic wheels can keep turning, albeit very slowly.
Sales is the lifeblood of any business right now. Sales is a function of lead generation (marketing) and conversion (sales). You do not want to stop marketing at this point and should endeavour to keep filling your pipeline. Whilst everyone wants to preserve cash at this time, there are a number of marketing strategies that won’t cost you a cent to implement.
Here are our Top 5 strategies:
- Re-connect with Past Customers – Make a special effort to contact all your past customers, not just for the sake of a sale but to see how they are doing. You want to remain top of mind with them;
- Referrals – The best form of marketing! Ask your most valued customers if they can refer any of their customers, family, friends and associates to you. If you don’t ask, you don’t get. Remember to make a point of thanking them for any referrals.
- Email Marketing – This is a great way to market to thousands of people on your database. Don’t get into the trap of just selling, rather use the opportunity to educate and ensure a strong offer and call to action.
- Strategic Alliances – These are alliances with other businesses who have the same target audience as you but do not compete with you. Invest time building these relationships and ensure it’s a mutually beneficial affiliation.
- Cold Calling – Ensure you do your research, select the correct targets and develop a winning script. This will ensure you reduce the fear that many people have around cold calling.
How can Business Coaching help you?
Business Coaching is the process of assisting business owners to grow their businesses and profitability through the application of a number of tools, techniques and strategies. Coaches offer an outside, unbiased opinion and help you see the wood for the trees. Everyone needs someone in their corner, someone who will support, encourage and hold you accountable whilst providing sound advice and input.
ActionCOACH has a proven recipe for growing businesses, a recipe that has been applied to tens of thousands of businesses across 86 countries over the last 27 years. Our business is built on referrals, testimonials and reputation.
Our Offer to You – A no obligation coffee chat about your business, its challenges and opportunities via Zoom. Contact Darryn Le Grange on firstname.lastname@example.org or 083 703 5235 to schedule your complimentary session.